Access Reserved for “Super-Qualified” Investors Only

Russian Finance Minister Anton Siluanov revealed the details during an official meeting on April 23. According to Siluanov, the new crypto exchange will be accessible only to “super-qualified” investors, aiming to shift crypto operations into a more transparent and regulated environment.

“Together with the Central Bank, we are setting up a crypto platform tailored for super-qualified investors. Crypto assets will gain legal recognition, and their transactions will move out of the shadows,” Siluanov stated.

The exchange, however, will not operate within the domestic financial system but will instead be part of the experimental regime’s designated legal boundaries.

Wealth Threshold Over $1.2 Million

Earlier in March, the Bank of Russia proposed criteria for identifying eligible investors under this scheme. To qualify, individuals must hold assets worth over 100 million rubles (approximately $1.2 million) or earn a minimum annual income of 50 million rubles (around $602,000).

Still, these qualifications are not final. Osman Kabaloev, Deputy Director of the Finance Ministry’s Financial Policy Department, noted that the parameters are subject to further discussion and could change:

“These figures might be revised depending on ongoing evaluations. A wide public and institutional dialogue will help shape the final framework,” he said.

Crypto Use Remains Restricted, Yet Innovation Continues

Despite banning the use of cryptocurrencies such as Bitcoin for payments under its first crypto law enacted in January 2021, Russia continues exploring new ways to integrate digital assets into its financial ecosystem.

On April 16, Kabaloev emphasized the need for Russia to develop its own stablecoin, following the freezing of wallets associated with the sanctioned Garantex exchange and stablecoin issuer Tether.

Government-Backed Crypto Fund and Legal Reforms in Sight

In a related development, Evgeny Masharov, a member of Russia’s Civic Chamber, suggested establishing a state-run crypto fund. This fund would consolidate crypto assets seized during criminal investigations.

Simultaneously, Russian lawmakers are also working on recognizing cryptocurrencies as legal property for use in criminal justice processes—another sign that the country’s digital finance landscape is undergoing significant change.

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Russia’s Two New Exchanges: Moscow and St. Petersburg

Russia plans to launch two new cryptocurrency exchanges in Moscow and St. Petersburg. The move emphasizes increasing the use of foreign economic activities (FEA) while also aiming to develop a BRICS stablecoin tied to the Chinese yuan (RMB).

The new cryptocurrency exchange initiative aims to provide a new platform for digital transactions. However, the general public is concerned about the limitations and risks associated with the project, especially due to international sanctions.

Russia’s Crypto Sector Development

Plans According to Kommersant newspaper, one of the crypto exchanges will facilitate foreign economic activity by using the infrastructure of the St. Petersburg Currency Exchange (SPCE). The other platform is expected to be established in Moscow. However, it is not yet clear whether this platform will be developed away from the existing Moscow Exchange or as a separate entity within a scattered legal framework.

The main focus of these exchanges will be access and usage of stablecoins. Stablecoins are usually a type of cryptocurrency that is tied to a national currency or a currency deposit. Russia is reportedly playing stablecoins tied to the Chinese Renminbi (RMB) Yuan and BRICS currency deposit.

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BRICS Goal for Economic Cooperation

The move aims to increase economic cooperation among the BRICS countries (Brazil, Russia, India, China and South Africa). Currently, BRICS is aiming to de-dollarize via crypto and blockchain. However, there are several challenges to developing a BRICS stablecoin and new crypto exchanges.

BitRiver CEO Oleg Ogienko noted the technological challenges of introducing stablecoins on Russia’s blockchain. “Stablecoins are more like cryptocurrencies by their legal nature,” Ogienko said, adding that this composability could complicate their liquidity and security. The complexity of these details could also hinder the smooth adoption of stablecoins in Russia.

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